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IB Union Calendar No. 816 115TH CONGRESS 2D SESSION H. R. 4731 [Report No. 115–1049] To extend the retained use estate for the Caneel Bay resort in St. John, United States Virgin Islands, and for other purposes. IN THE HOUSE OF REPRESENTATIVES DECEMBER 21, 2017 Ms. PLASKETT introduced the following bill; which was referred to the Committee on Natural Resources NOVEMBER 27, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on December 21, 2017] VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS 2 •HR 4731 RH A BILL To extend the retained use estate for the Caneel Bay resort in St. John, United States Virgin Islands, and for other purposes. VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6652 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS 3 •HR 4731 RH Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. EXTENSION OF RETAINED USE ESTATE. 3 (a) EXTENSION REQUIRED.—Not later than 90 days 4 after a request by the grantor, the Secretary of the Interior 5 shall extend the retained use estate in accordance with this 6 section. 7 (b) REQUIREMENTS.—The extension under subsection 8 (a) shall— 9 (1) except as provided in paragraph (2), be effec- 10 tive for the 60-year period beginning on the date the 11 retained use estate would, but for the extension under 12 this section, expire; 13 (2) be subject to the terms of the retained use es- 14 tate, including the right of the grantor to terminate 15 the retained use estate in accordance with the terms 16 thereof; and 17 (3) require the grantor to pay to the United 18 States, in quarterly installments for the period of the 19 extension, fair market value rental for use of the 20 premises for operation and management of resort fa- 21 cilities and services in an amount equal to— 22 (A) for each of the first 15 years of the ex- 23 tension, a percentage of the gross revenues of the 24 resort in accordance with subsections (c) and (d) 25 VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS 4 •HR 4731 RH to be determined no later than 90 days after the 1 date on which the extension is granted under 2 subsection (a) by— 3 (i) a written agreement between the 4 Secretary and the grantor; or 5 (ii) if the Secretary and the grantor 6 are unable to agree on such a percentage by 7 the date that the extension is granted under 8 subsection (a), through binding arbitration 9 using procedures specified in section 51.51 10 of title 36, Code of Federal Regulations; and 11 (B) for each year of the extension thereafter, 12 the amount determined under subparagraph (A), 13 except that— 14 (i) such amount shall be adjusted if re- 15 quested by the Secretary or the grantor; 16 (ii) any such adjustment shall be deter- 17 mined— 18 (I) through a written agreement 19 between the Secretary and the grantor; 20 or 21 (II) if the Secretary and the 22 grantor are unable to agree on such an 23 adjustment after a 60-day period for 24 negotiation (or a longer period for ne- 25 VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS 5 •HR 4731 RH gotiation agreed upon by the Secretary 1 and the grantor), through binding ar- 2 bitration between the Secretary and the 3 grantor using the arbitration proce- 4 dures specified in section 51.51 of title 5 36, Code of Federal Regulations; and 6 (iii) no more than one adjustment may 7 be made under this subparagraph in any 8 15-year period. 9 (c) CALCULATION OF FAIR MARKET VALUE RENTAL.— 10 The initial payment required under subsection (b)(3)(A) 11 and any adjustment under subsection (b)(3)(B) shall reflect 12 the fair market value of a land lease for hotel use, as deter- 13 mined by an appraisal by an independent qualified ap- 14 praiser who is selected jointly by the Secretary and the 15 grantor and shall reflect— 16 (1) any restrictions on the use of the property or 17 terms of the retained use estate that limit the value 18 or highest and best use of the property; 19 (2) any amounts expended or to be expended by 20 the grantor for preservation, maintenance, restoration 21 (including site restoration), improvement (including 22 construction), or repair and related expenses to the 23 extent that such amounts are for the resort; and 24 VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6203 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS 6 •HR 4731 RH (3) the remaining term of the extended retained 1 use estate. 2 (d) PAYMENTS.—Payments under subsection (b)(3) 3 shall— 4 (1) be due— 5 (A) except as provided in subparagraph 6 (B), 60 days after the end of the applicable quar- 7 ter; and 8 (B) in the case of the last quarter of each 9 calendar year (or the last quarter before the re- 10 tained use estate expires), 90 days after the end 11 of the calendar year (or the end of the retained 12 use estate in the year that the retained use estate 13 expires); 14 (2) be based on actual gross revenues for the pre- 15 ceding quarter; 16 (3) in the case of a payment due under para- 17 graph (1)(B), include any adjustment that may be re- 18 quired after an audit of the gross annual revenues for 19 the preceding year; and 20 (4) be deposited into the General Treasury. 21 (e) DEFINITIONS.—In this section— 22 (1) each of the terms ‘‘retained use estate’’ and 23 ‘‘resort’’ has the meaning given such term in section 24 1 of Public Law 111–261 (16 U.S.C. 398d note); and 25 VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6203 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS 7 •HR 4731 RH (2) the term ‘‘grantor’’ means the holder of the 1 retained use estate. 2 VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6203 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS Union Calendar No. 816 115TH CONGRESS 2D SESSION H. R. 4731 [Report No. 115–1049] A BILL To extend the retained use estate for the Caneel Bay resort in St. John, United States Virgin Is- lands, and for other purposes. NOVEMBER 27, 2018 Reported with an amendment, committed to the Com- mittee of the Whole House on the State of the Union, and ordered to be printed VerDate Sep 11 2014 23:36 Nov 27, 2018 Jkt 089200 PO 00000 Frm 00008 Fmt 6651 Sfmt 6651 E:\BILLS\H4731.RH H4731 dlhill on DSK3GLQ082PROD with BILLS